Your retirement account is sponsored by your company. Why not fill it up with your company’s stock? This is a bad way to invest. You already spend eight hours a day working there (at least)! Don’t invest twice in the company by holding a bunch of your company stock and hoping business stays brisk.
Companies love to give out stock, either as part of your compensation plan or as the default investment option for your 401(k). So keep an eye out for opportunities to minimize your risk by investing in more reliable options like index funds.
If company stock is the default option for your 401(k), it should be easy to switch it to another option offered by your plan. If company stock is a part of your compensation, you may have to wait until you’ve been with the company for a few years until you’re fully vested.